UNIQUE Key Constraint with Multiple NULL values in SQL Server

This was a really interesting situation when we development team members were discussing over this topic. It was a situation where it was not possible to allow multiple NULL values into a column with UNIQUE Key defined in a table. Here I will give the problem first then we will go with the alternate solution for this.

Problem:

In SQL Server it is not allowed to insert multiple NULL values into a UNIQUE Key column. Below is the situation: